Cabinet approves ICAI's pacts with NBAA, BIBF

The government today gave its approval to the Institute of Chartered Accountants of India's pacts with Tanzania's National Board of Accountants and Auditors (NBAA) and Bahrain Institute of Banking and Finance (BIBF), according to separate official statements.

The Union Cabinet, chaired by Prime Minister Narendra Modi, also gave its ex-post facto approval to the mutual recognition agreement (MRA) signed in 2010 and approval for a fresh one between the Institute of Chartered Accountants of India (ICAI) and Ireland's Institute of Certified Public Accountants (CPA), another official statement said.

"The MRA will provide opportunities to members of both the parties to be exposed to best practices of either country and thus expand their scalability to cater to demand of newer markets," the statement said.

The Memorandum of Understanding (MoU) between the ICAI and NBAA aims to establish mutual co-operation framework in several areas, including member management, professional ethics, technical research, continuing professional development, professional accountancy training and audit quality monitoring.

The pact will provide an opportunity to the ICAI members to expand their professional horizons, the statement said, adding that it will foster strong working relations between the ICAI and NBAA.

The MoU between the ICAI and BIBF eyes the working together of both the bodies for strengthening the accounting, financial and audit knowledge base within Bahrain.

According to the statement, the ICAI will provide technical assistance to BIBF by reviewing its current curriculum related to accounting and finance.

"ICAI will recommend introduction of its CA Course curriculum that will facilitate BIBF students to write ICAI's Examination with an aim to acquire membership of ICAI," the statement said.

The ICAI will also provide technical assistance in holding its professional examination for qualified BIBF students.